Voted one of the best real estate agents in DC by the Washington City Paper Readers’ Choice Poll in 2009, hipchickindc aka the not-so-hip Suzanne Des Marais is the Principal Broker (DC) for Urban Pace, LLC. She lives (and sells a lot of houses) in Bloomingdale, but works all over DC, with everyone from first time buyers to highly regarded developers. Unless specifically noted, neither she nor the company that she is affiliated with represented any of the parties or were directly involved in the transaction reported below. Unless otherwise noted, the source of information is Metropolitan Regional Information Systems (MRIS), which is the local multiple listing system. Information is deemed reliable but not guaranteed.
Featured Property: 1103 Harvard St NW
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Original List Price: $499,900.
List Price at Contract: $399,900.
Settled Price per Square Foot: $224.00
List Date: 11/16/2010
Days on Market: 70
Settled Sales Price: $320,000.
Settlement Date: 03/01/2011
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
We looked at a unit from this condo association about a year and a half ago. The Good Deal or Not Revisited (GDoN-R) can be seen here. This unit sold for $40,000. below that sale. The prices in this association appear to have come down in relation to several foreclosures in the past year. In any case, $224.00 per square foot for a renovated condo in this location, despite the siding, is a deal for someone who wants the amount of space. Typical price per square feet for updated condos in this area is more likely in the low $400’s/square foot.
Continues after the jump.
It should be noted that, of the three foreclosed units, two have sold and one is under contract. Hopefully, this is a good thing for the health of the condo association, since owners under financial stress were possibly behind in condo fees and may not have been taking care of their properties. Sadly, the foreclosures may have been upon people who had bought for very reasonable prices, but refinanced during the boom years and couldn’t carry the payments. Although data is not available for all of the homes that were foreclosed upon, one of them shows a purchase price in 1992 of $97,500. and a repossession in the amount of $346,869.